Company Overview - Tianyue Advanced Technology Co., Ltd. is located in Jinan, Shandong Province, and was established on November 2, 2010. The company went public on January 12, 2022. Its main business involves the research, production, and sales of silicon carbide substrates, with revenue composition being 82.83% from silicon carbide semiconductor materials and 17.17% from other sources [2]. Stock Performance - As of September 25, Tianyue Advanced's stock price increased by 69.92% year-to-date, with a 2.47% rise over the last five trading days, 31.20% over the last 20 days, and 51.81% over the last 60 days [2]. - The stock was traded at 87.00 CNY per share, with a market capitalization of 42.162 billion CNY as of September 25 [1]. Trading Activity - On September 25, the net outflow of main funds was 6.2956 million CNY, with large orders accounting for 20.92% of total buy and 25.57% of total sell [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on September 5, where it recorded a net buy of -28.6282 million CNY [2]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include various ETFs, with notable changes in holdings. For instance, the Huaxia SSE Sci-Tech 50 ETF reduced its holdings by 56,200 shares, while the E Fund SSE Sci-Tech 50 ETF increased its holdings by 203,700 shares [3].

Group 1 - Tianyue Advanced experienced a stock price increase of 5.06%, reaching 87.59 CNY per share, with a trading volume of 9.62 billion CNY and a turnover rate of 2.64%, resulting in a total market capitalization of 424.48 billion CNY [1] - The company, Shandong Tianyue Advanced Technology Co., Ltd., specializes in the research, production, and sales of silicon carbide substrates, with its main business revenue composition being 82.83% from silicon carbide semiconductor materials and 17.17% from other supplementary sources [1] Group 2 - According to data from the top ten holdings of funds, Bosera Fund has one fund heavily invested in Tianyue Advanced, specifically the Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010), which reduced its holdings by 21,600 shares in the second quarter, now holding 148,900 shares, accounting for 3.41% of the fund's net value, ranking as the seventh largest holding [2] - The Bosera SSE Sci-Tech Innovation Board New Materials ETF (588010) was established on September 30, 2022, with a current scale of 256 million CNY, achieving a year-to-date return of 44.28%, ranking 779 out of 4,220 in its category, and a one-year return of 99.6%, ranking 594 out of 3,814, while experiencing a loss of 20.01% since inception [2]

Group 1 - Tianyue Advanced (02631.HK) saw its stock price increase by over 4% on September 24, reaching a rise of 4.42% to HKD 63.8 [1] - The trading volume for Tianyue Advanced was reported at HKD 138 million [1]

Core Viewpoint - Tianyue Advanced (02631) saw a stock price increase of over 4%, currently trading at 63.8 HKD, driven by Meta's announcement of new AI smart glasses at the Connect conference, which reignited enthusiasm in the global AR glasses market [1] Company Summary - Tianyue Advanced has taken the lead in the silicon carbide AR glasses sector, having launched a 12-inch silicon carbide substrate and is currently promoting the industrialization of 12-inch optical-grade substrates [1] - The chairman of Tianyue Advanced, Zong Yanmin, indicated that as the technology for large-size silicon carbide substrates matures, the prices of silicon carbide lenses for AR glasses are expected to gradually decrease [1] Industry Summary - The introduction of larger silicon carbide substrates enhances production efficiency, with a 6-inch substrate capable of producing approximately 2 pairs of AR glasses, an 8-inch substrate producing about 3-5 pairs, and a 12-inch substrate producing around 10-12 pairs [1] - Larger substrate sizes reduce edge waste, leading to lower unit costs, thus providing a better cost-performance ratio for large-size silicon carbide substrates [1]

Group 1 - Tianyue Advanced (02631) saw a stock price increase of over 4%, currently trading at 63.8 HKD with a transaction volume of 138 million HKD [1] - Meta announced the launch of three new AI smart glasses at the Connect conference, reigniting enthusiasm in the global AR glasses market [1] - Tianyue Advanced has taken the lead in the silicon carbide AR glasses sector, having already introduced a 12-inch silicon carbide substrate and is pushing for the industrialization of 12-inch optical-grade substrates [1] Group 2 - The chairman of Tianyue Advanced, Zong Yanmin, stated that as the technology for large-size silicon carbide substrates matures, the prices of silicon carbide lenses for AR glasses are expected to gradually decrease [1] - The substrate utilization rates indicate that a 6-inch silicon carbide substrate can produce approximately 2 pairs of AR glasses, an 8-inch can produce 3-5 pairs, and a 12-inch can produce 10-12 pairs [1] - Larger silicon carbide substrates result in less edge waste, leading to lower unit costs, thus providing a better cost-performance ratio [1]

Summary of SICC (688234.SS) Conference Call Company Overview - **Company**: SICC (688234.SS) - **Market Cap**: Rmb41.2 billion / $5.8 billion - **Enterprise Value**: Rmb39.0 billion / $5.5 billion - **Industry**: Greater China Technology, specifically in SiC (Silicon Carbide) substrates Key Points and Arguments Financial Performance - **Share Price Increase**: SICC's share price has increased by 68% year-to-date, outperforming the Shanghai-Shenzhen 300 Index which increased by 14% [1][10] - **Target Price**: The target price has been raised to Rmb111, implying a 29.2% upside from the current price of Rmb85.90, with an implied 101.2x 2026E PE based on 100% net income growth year-over-year in 2027E [1][40] Revenue and Earnings Forecast - **Revenue Growth**: Projected revenues are expected to grow from Rmb1,768.1 million in 2024 to Rmb4,625.7 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% [3][13] - **Net Income Growth**: Anticipated net income growth of +81% CAGR from 2024 to 2027, driven primarily by the 8-inch SiC substrate [15][32] - **Earnings Per Share (EPS)**: EPS is expected to increase from Rmb0.42 in 2024 to Rmb2.20 in 2027, with significant growth in 2026 [3][13] Capacity Expansion and Product Mix - **Capacity Plans**: SICC plans to increase annual capacity in China by 500k by 2027E and establish a new production site in Southeast Asia [7][27] - **Product Mix Upgrade**: The company is shifting towards 8-inch and larger substrates, with expectations that 8-inch revenues will contribute up to 90% by 2027, up from 25% in 2024 [7][34] - **ASP Increase**: The average selling price (ASP) of SiC substrates is projected to increase by 7% CAGR from 2024 to 2027, reaching US$698 [7][34] Market Position and Customer Base - **Customer Penetration**: SICC's substrates serve over half of the global top-10 power semiconductor device suppliers, with 48% of revenues coming from outside mainland China [7][15] - **Market Share**: Expected to increase global market share in conductive SiC substrates from 19% in 2024 to 24% by 2027 [15][34] Application Expansion - **EV Adoption**: SiC substrates are increasingly used in electric vehicles (EVs) for fast charging and improved power efficiency, with expectations that SiC adoption in EVs in China will rise to 50% by 2027 [21][22] - **AI Data Centers**: SiC is being adopted in AI data centers for power supply units, enhancing energy efficiency and power density [24][25] - **AI Glasses**: SiC substrates are also being utilized in AI glasses, contributing to a reduction in size and weight while improving display quality [26] Capital Expenditure (Capex) - **Investment Plans**: SICC has invested Rmb2.5 billion in Shanghai for 300k/year capacity of 6-inch SiC substrates and plans to invest an additional Rmb976 million to expand capacity for 8-inch and larger substrates by the end of 2027E [27][31] - **Capex Ratio**: The capex ratio is expected to normalize to 32% in 2024, with further expansions planned across China and Southeast Asia [31] Earnings Revision - **Revised Projections**: Net income estimates for 2026-27E have been raised by 14% and 43% respectively, reflecting better product mix and higher gross margins [32][38] - **Revenue Adjustments**: Revenue estimates for 2026E have been reduced by 8% due to pricing competition in the 6-inch SiC substrate market [33][38] Valuation Methodology - **Target P/E**: The valuation methodology has shifted to a long-term discounted P/E approach, with a target price of Rmb111 based on 2029E EPS [40][41] Additional Important Insights - **Strong Execution**: SICC has successfully transitioned from 6-inch to 8-inch substrates and is on track to launch 12-inch substrates, enhancing its competitive position [15] - **Industry Dynamics**: The competitive landscape is expected to improve due to industry consolidation and rising demand across various applications [33][34] This summary encapsulates the key insights from the conference call, highlighting SICC's growth trajectory, market positioning, and strategic initiatives in the SiC substrate industry.

Market Performance - The semiconductor industry index rose by 1.43% as of September 23, 2025, with notable gains from companies like Changchuan Technology (up 20.00%) and Huafeng Measurement Control (up 8.54%) [1] - The semiconductor industry ETF (159582) increased by 1.42%, reaching a price of 2.07 yuan, and has seen a cumulative increase of 9.79% over the past week [1] - The ChiNext chip index experienced a slight decline of 0.05%, with mixed performance among constituent stocks [3] - The new materials index on the ChiNext fell by 0.58%, with some stocks like Tonglian Precision gaining while others like Debang Technology declined [5] Investment Trends - Nvidia and OpenAI announced a partnership, with Nvidia planning to invest up to $100 billion in data centers, leading to a nearly 4% increase in Nvidia's stock price [6] - Domestic chip companies are making progress, with Moer Thread set to debut on the ChiNext and Muxi Co. entering the second round of inquiries for its IPO, focusing on high-performance GPU development [6] Technology Advancements - DeepSeek announced an upgrade to its model, enhancing language consistency and agent capabilities, while Yushu Technology showcased its humanoid robot's strong anti-interference abilities [7] - The continuous iteration of AI and robotics technology indicates ongoing optimization in AI application capabilities [8] ETF Insights - The semiconductor industry ETF has a recent scale of 255 million yuan, marking a six-month high, despite a net outflow of 602.22 million yuan recently [9] - The ChiNext chip ETF has seen a net outflow of 337.66 million yuan, with a total inflow of 334 million yuan over the past 21 trading days [10] - The new materials ETF has experienced a significant scale increase of 212 million yuan over the past year, ranking first among comparable funds [10]

（文章来源：证券时报网） 证券时报·数据宝统计显示，天岳先进今日收盘价为87.58元，上涨1.96%，日换手率为3.95%，成交额为 14.63亿元，全天主力资金净流入1572.93万元，近5日该股累计下跌1.54%，近5日资金合计净流出1.05亿 元。 两融数据显示，该股最新融资余额为12.51亿元，近5日增加2.15亿元，增幅为20.81%。（数据宝） 9月22日天岳先进大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 溢价（%） | | | | 股） | | （元） | | | | | 14.00 | 984.62 | 70.33 | -19.70 | 中泰证券股份有限公司淄博 | 兴业证券股份有限 | | | | | | 中润大道证券营业部 | 公司淄博分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 天岳先进9月22日大宗交易平台出现一笔成交，成交量14.00万股，成交金额984.62万元，大宗交易成交 价为 ...

Group 1 - Tianyue Advanced's stock price increased by 1.96% to close at 87.58 yuan on September 22 [1] - A block trade occurred with a total volume of 140,000 shares and a transaction amount of 9.8462 million yuan, with a transaction price of 70.33 yuan per share, reflecting a premium rate of -19.70% [1] - The buyer was Zhongtai Securities Co., Ltd. and the seller was Industrial Securities Co., Ltd. [1] Group 2 - In the last three months, Tianyue Advanced has recorded three block trades with a total transaction amount of 46.8076 million yuan [1] - Over the past five trading days, the stock has declined by 1.54%, with a total net outflow of 126 million yuan from main funds [1]

Group 1 - The chairman of Tianyue Advanced, Zong Yanmin, emphasizes the importance of patient capital in developing leading global hard-core technology [2]